Investment Rating - The report maintains a "Buy" rating for New Oriental with a target price of $111.2 [1][2] Core Views - The company has shown strong revenue growth, with FY24Q3 revenue increasing by 60.1% year-over-year to $1.207 billion, surpassing previous guidance [1] - New Oriental is successfully expanding its new business segments, with a projected 30% increase in teaching area by the end of the fiscal year [1][2] - The company is expected to see a revenue increase of approximately 28% to 31% in FY24Q4, with deferred revenue growing by 30.8% [2] Financial Performance Summary - FY24Q3 operating net profit reached $113 million, up 70.6% year-over-year, while Non-GAAP operating profit was $141 million, also up 60.3% [1] - The gross margin for FY24Q3 was 46.9%, a decrease of 4.4 percentage points year-over-year, influenced by various factors including losses from equity investments [2] - The company reported a deferred revenue balance of $1.52 billion, aligning with revenue growth expectations for Q4 [2] Business Growth and Expansion - As of FY24Q2, the number of schools and learning centers increased to 911, with a net addition of 68 centers [1] - The overseas exam preparation business grew by 52.6% year-over-year, while the study abroad consulting business increased by 25.7% [1] - Non-academic tutoring business saw a 72.7% revenue growth in Q3, with enrollment in non-subject tutoring reaching 355,000, a 62.8% increase [1] Market Position and Future Outlook - The report expresses optimism about the long-term prospects of the education industry, particularly after the "double reduction" policy, which has reduced the supply of quality educational services [2] - New Oriental is positioned as one of the fastest and most successful companies in adapting to changes in the education sector, with strong cash reserves totaling $4.76 billion [2]

穀歌（GOOGL/GOOG） 更新報告 持有 2024年4月30日 羅凡環 24Q1 業績超預期，首次宣派季度股息 852-25321539  24Q1 業績總覽：24Q1 公司營業收入為 805.4 億美元（YoY+15.4%, QoQ- Simon.luo@firstshanghai.com.hk 6.7%），淨利潤 236.6 億美元（YoY+57.2%, QoQ+14.4%），收入和利潤均超 出市場預期。其中，穀歌服務收入 704 億美元（YoY+13.6%）；穀歌雲業務收 李京霖 入 95.7 億美元（YoY+28.4%）。整體看廣告業務保持穩健增長，穀歌雲業務 852-25321957 增速強勁。截至 24Q1 季度末，公司擁有 1080.9 億美元的現金及等價物，經 營現金流入 288.5 億美元。公司首次宣派每股 0.2 美元的季度股息，以及授 Jinglin.li@firstshanghai.com.hk 權700億美元用於回購A類和C類股票。  業務重點：本季度穀歌搜索和其他廣告收入 461.6 億美元（YoY+14.4%）,其 主要資料 增長再次得益於零售業的穩健增長。在效果廣告和品 ...

禮來（LLY） 更新報告 買入 2024年5月3日 替爾泊肽供不應求，公司調高 24年收入預期 但玉翠  24 年 Q1 EPS 同比增長 66%：24 年 Q1 收入同比+26%至 87.7 億美元，得 852-253219539 益於 Mounjaro（+218%至18.1億美元）、Zepbound、Verzenio（阿貝西 Tracy.dan@firstshanghai.com.hk 利 ，+40%至 10.5 億美元） 和 Jardiance（恩格列淨，+19%至 6.9 億美 元）的增長。毛利率同比+4.3 個百分點至 80.9%，研發費用同比+27%至 高小迪 25.2 億美元，研發費率同比+0.3 個百分點至 28.8%，另收購在研項目研 852-25321960 發 費用1.1億美元。銷售管理費用同比增長12%至19.5億美元，S&GA費 率同比下降 2.8 個百分點至 22.3%。綜上所述，公司 GAAP 淨利潤同比增 xiaodi.gao@firstshanghai.com.hk 長67%至22.4億美元，EPS同比增長66%至2.48美元，24年1季度公司 分紅12億美元。  各版塊 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.02, indicating a potential upside of 24.2% from the current price of HKD 29.80 [2][3]. Core Insights - The company is expected to achieve a revenue of CNY 1.08 billion in 2023, representing a year-on-year growth of 40.2%. However, it is projected to incur a net loss of CNY 1.51 billion, which is an increase of 51.3% compared to the previous year [1]. - The company has seen a recovery in Q1 2024, with revenues reaching CNY 330 million, a quarter-on-quarter increase of over 13%, and a reduction in net loss by 27.4% to CNY 349 million [1]. - The company plans to initiate an A-share private placement to raise CNY 2.55 billion, aimed at supporting innovative drug research and development [1]. Summary by Sections Financial Performance - The company reported a total revenue of CNY 1.08 billion for 2023, with a year-on-year growth of 40.2%. The net loss for the year is projected at CNY 1.51 billion, which is a 51.3% increase from the previous year [1]. - In Q1 2024, the company achieved revenues of CNY 330 million, with a quarter-on-quarter growth of over 13% and a net loss reduction of 27.4% to CNY 349 million [1]. Funding and Financial Strategy - As of the end of Q1 2024, the company had CNY 620 million in cash and equivalents. It is actively seeking various financing tools to increase cash reserves, in addition to a CNY 4.4 billion loan obtained in Q1 [1]. - The company announced plans for a private placement to raise CNY 2.55 billion, which will be fully allocated to support innovative drug development [1]. Product Pipeline and Market Potential - The company is advancing its product pipeline, with multiple candidates entering Phase III clinical trials, including indications for SLE, MG, pSS, and IgAN [2]. - The company is facing a strategic decision regarding the timing of data release for its product, which could impact potential overseas licensing agreements and FDA approval [2]. - The oncology pipeline is set to present up to 16 research data points at the upcoming ASCO conference, which could provide significant insights into the company's future growth [2].

Investment Rating - The report does not explicitly state an investment rating for the company [9]. Core Insights - The report discusses the market opportunities for the company in the context of the new era of laser radar technology, highlighting the potential for lower-cost laser radar systems to penetrate the automotive market [9]. - The current market penetration of laser radar is only 1%, with expectations for continued price reductions, making it feasible for more vehicles to adopt this technology [9]. - The company aims to collaborate with major automotive manufacturers, including BYD and SAIC, to equip various models with laser radar systems [9]. Summary by Relevant Sections Company Overview - The company, 速腾聚创 (2498.HK), operates in the automotive parts industry, focusing on laser radar technology [9]. - The current market capitalization is 183.08 billion HKD, with a share price of 40.60 HKD [9]. Technology Comparison - The report compares laser radar systems with pure vision solutions, noting that while vision systems excel in recognizing road signs and people, they struggle in low-light and adverse weather conditions [9]. - Laser radar provides precise three-dimensional recognition and is seen as complementary to vision systems [9]. Market Demand and Future Outlook - The demand for laser radar in Level 3 and above autonomous driving is expected to grow, as automotive manufacturers will increasingly install laser radar to ensure safety [9]. - The report anticipates that high-end vehicles priced around 250,000 HKD will be equipped with laser radar costing approximately 3,000 HKD, while vehicles in the 150,000 HKD range will use systems around 1,000 HKD [9]. Competitive Landscape - The company has established a competitive advantage by developing its own laser radar technology since 2018-2019, while many competitors still rely on third-party components [9]. - The company has achieved a high level of automation in its production processes, requiring only three workers per production line [9]. Customer Engagement - The company has secured three customers for its MX product, with two expected to begin mass production in Q1 of the following year [9]. - The goal is for approximately 30% of vehicles in the 150,000 HKD segment to utilize the MX product [9].

Investment Rating - The report assigns a "Buy" rating with a target price of 190.00 CNY, indicating a potential upside of 24.8% from the current price of 152.25 CNY [2][4]. Core Insights - The company achieved a revenue of 83.27 billion CNY and a net profit of 30.21 billion CNY for FY 2023, reflecting year-on-year growth of 12.6% and 13.2% respectively [1][3]. - The dividend payout has reached a record high, with a proposed dividend of 46.7 CNY per 10 shares, resulting in a dividend rate of 60.0% [1]. - The company is focusing on channel development, with significant increases in both traditional and direct sales channels, and has expanded its retail presence across over 300 cities [1][2]. Financial Performance Summary - For FY 2023, the company reported a gross margin of 75.8%, with a slight increase of 0.37 percentage points year-on-year [1]. - The revenue from liquor products was 76.45 billion CNY, growing by 13.1%, while non-liquor products generated 6.83 billion CNY, up by 6.5% [1]. - The company’s net profit margin improved to 36.3%, an increase of 0.2 percentage points compared to the previous year [1]. Future Projections - The company anticipates net profits of 33.91 billion CNY, 38.25 billion CNY, and 44.11 billion CNY for the years 2024, 2025, and 2026 respectively, indicating a consistent growth trajectory [2][5]. - The report highlights a strategic focus for 2024 as a "Marketing Execution Year," aiming to enhance brand value and address market challenges through various initiatives [2][3].

Investment Rating - The report assigns a "Buy" rating for the company [8]. Core Views - The company's revenue growth slightly exceeded expectations, with operating cash flow quality being high [8]. - For Q1 2024, the company achieved operating revenue and net profit of RMB 45.78 billion and RMB 24.07 billion, respectively, representing year-on-year growth of 18.1% and 15.7% [8]. - The company’s cash collection ratio for the period was 101.1%, up by 8.8 percentage points year-on-year, with operating cash flow net amounting to RMB 9.19 billion, a significant increase of 75.2% [8]. - The sales of Moutai liquor and series liquor saw increases, with revenues of RMB 39.71 billion and RMB 5.94 billion, respectively, reflecting year-on-year growth of 17.7% and 18.4% [8]. - The report anticipates a full-year revenue growth target of 15% for the company, supported by a strong brand barrier and ongoing capacity expansion plans [8]. Financial Summary - The company’s total revenue for the fiscal year ending December 31, 2022, was RMB 127.55 billion, with a year-on-year growth of 16.9% [9]. - The net profit for the same period was RMB 65.38 billion, reflecting a year-on-year increase of 19.6% [9]. - Forecasts for 2024 predict operating revenue of RMB 171.79 billion and net profit of RMB 91.07 billion, with growth rates of 16.3% and 17.5%, respectively [9]. - The basic earnings per share for 2024 is projected to be RMB 69.89, with a price-to-earnings ratio of 24.5 times at a share price of RMB 1,709.43 [9].

中国海外发展（688） 更新报告 买入 2024年4月25日 行业排名持续提升，高质量稳健发展 罗凡环  权益销售金额排名第二：2023 年公司实现合同销售额约 3098 亿元，同比增长 5.1%，行业排名第三，权益口径销售金额排名第二。合同销售面积约 1336 万方，同 852-25321962 比下降 3.7%，合同均价提升 9.1%至 23195 元/平方米。整体市占率提高 0.29 个 ppt 至 2.66%。公司依然聚焦主流城市主流地段布局，一二线城市合约销售金额占集团系 Simon.luo@firstshanghai.com.hk 列公司（不含中海宏洋）合约销售金额 74%，在 31 个城市市占率位居当地前三，其 中11个城市市占率位居当地市场第一。销售回款率99%，同比提升6个ppt。公司宣 行业 房地产 派末期股息每股45港仙，全年派息率30%。 股价 12.14港元  土地投资规模及质量行业领先：虽然市场波动下行，但公司保持投资定力，聚焦高 能级城市的优质资产精准投资，2023年新增总购地金额1440亿元，对应货值2640亿 目标价 18.80港元 元，其中北上广深占比均超过60%，一线 ...

宏观经济评论 第一上海研究部 research@firstshanghai.com.hk | --- | --- | |-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 2024 年 4 月 23 日 星期二 【宏观经济评论】 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $45.61 or HKD 178.59, indicating a potential upside of 83.10% or 81.59% from the current price [1][3]. Core Insights - The company has adjusted its delivery guidance due to lower-than-expected new car sales orders, forecasting Q1 vehicle deliveries of 76,000 to 78,000 units and an annual sales target of 560,000 to 640,000 units, representing a growth rate of 50% to 70% [1]. - The March delivery figures met the revised expectations, with 29,000 vehicles delivered, marking a year-on-year increase of 39.2% and a month-on-month increase of 43.1% [1]. - The company has restructured its organizational framework to focus on user value and operational efficiency, establishing a new Go to Market (GTM) team to enhance product launch strategies [1]. Financial Summary - Revenue projections for 2024 to 2026 are estimated at RMB 201.8 billion, RMB 266.8 billion, and RMB 306.1 billion, respectively, with net profits expected to be RMB 11.2 billion, RMB 18.9 billion, and RMB 23.9 billion [1][5]. - The company anticipates maintaining profitability over the next three years, with a projected gross margin of 19% in 2024 and 20% in 2026 [5][7]. - The company’s total market capitalization is reported at $26.43 billion, with a current stock price of $24.91 or HKD 98.35 [3][5].